Here’s a Country Where Your Social Security Benefits Will Go Far

You might be considering retiring abroad in search of lower living costs and a better quality of life—yet you might also be put off by the common misconception that you can’t collect Social Security retirement benefits outside the United States. In reality, the Social Security Administration (SSA) can and does send payments to eligible U.S. citizens living overseas, provided they reside in a country where payments are permitted. That includes most of Asia and one of the most popular and highly ranked retirement destinations in the world: Thailand.

Experience Thailand

Thailand is a country full of both relaxation and adventure, from Bangkok’s Grand Palace to Koh Phi Phi’s pristine beaches to Chiang Mai’s temples and ethical elephant sanctuaries. You can also tour Chiang Rai’s stunning White Temple, explore Ayutthaya’s ruins, a UNESCO World Heritage site, and savor to-die-for street food at one of the many bustling markets. 

There are three main areas to explore: Bangkok, the capital; the jungles and temples in the north; and the islands in the south. Here’s a sampling of what’s in store for you.

Bangkok: Tour the Grand Palace, with its Emerald Buddha; Wat Pho, with its Reclining Buddha, and the iconic Wat Arun, which you can actually climb on. Delve into the hustle and bustle of the city’s Chinatown.

The North: Near Chiang Mai, trek through the jungle and visit an ethical elephant sanctuary, where you can observe rescued elephants and support their care. In the city itself, walk through its famous Sunday market and linger in one of its trendy coffee shops. For a day trip, tour the stunning White Temple (Wat Rong Khun) and the Blue Temple.

Island Hopping: Explore Phuket’s picture-perfect beaches with soft sand and crystal clear water; Maya Bay, which is sheltered by high cliffs on three sides; and the dramatic limestone cliffs, caves, and lagoons of Phang Nga Bay. If you’re a bit more adventurous, hop on a bamboo raft in Khao Lak and float down the river to visit a turtle sanctuary and a waterfall.

Why Thailand Is Ideal for Retirees

If you scan global rankings of the best places to retire, the first Asian country that often appears is Thailand.

Thailand ticks off many of the right boxes for retirees. It’s significantly more affordable than the U.S. It’s also known for its warm weather, tasty cuisine, wellness retreats, gorgeous beaches and high-quality private healthcare. Outside rural areas, you will find modern amenities and established expat communities. In many cases, you should get by fine with just English, though it’s helpful to know a few phrases in Thai.

Another major attraction is that you can receive your Social Security benefits there just as you would in the U.S. That money should go much further in Thailand.

How Social Security Works Outside the U.S.

If you live abroad and are eligible, the SSA can send your retirement benefits to:

• A U.S. bank.
• Directly to a local bank.

The main exceptions involve countries that are subject to U.S. Treasury restrictions. These currently include Cuba and North Korea, as well as certain countries in eastern Europe: Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan. In most cases, if you reside in one of these locations, benefit payments are withheld until you relocate to a permitted country.

It’s important to confirm eligibility before you relocate. Also ensure that your banking arrangements are secure. Usually, once you have everything set up correctly, payments arrive just as reliably as they did stateside.

Health Care, Visas and Other Practical Considerations

Two barriers that can scare retirees from moving abroad are insufficient health care and challenges acquiring a long-term visa. Fortunately, these aren’t issues in Thailand.

Access to high-quality private health care featuring Western-trained, English-speaking staff and state-of-the-art technology is relatively inexpensive, and you can receive further savings by buying health insurance.

Thailand also offers retirement visas for foreigners age 50 and older who don’t intend to work in the country. The visas are renewable annually, and long-term residents may later apply for permanent residency.

To qualify for a retirement visa, you must:

• Hold at least 800,000 THB (about $25,600) in a Thai bank account for at least two months before applying for the visa, or show proof of a monthly income of at least 65,000 THB (about $2,080), or a have a combined savings and income totaling 800,000 THB annually
• Present a valid passport with at least twelve months of use remaining
• Proof of health insurance that meets the Thai government’s requirements

Other important considerations include:

• Exchange rate fluctuations can affect monthly budgeting.
• Foreigners cannot own land in Thailand, though long-term (e.g. 30-year) leases are common.
• U.S. Social Security benefits remain taxable only by the U.S., but other retirement income may be subject to Thai taxation if remitted locally.
• Driving requires an International Driving Permit or a Thai license, and traffic standards differ from the U.S.